Top 10 Sacco’s in Kenya

The word Sacco stands for Savings and Credit Cooperative. Sacco is a type of a cooperative that offers financial services focusing on provision of credit facilities and mobilization of funds to its members who are the users and owners. Sacco’s are becoming the best places to save and buying of shares in Kenya. They are threatening the future of banks.

1. Stima Sacco Society

It was established in the year 1974 to act as a way of enabling savings and provision of affordable loans to employees of the East African Power and Lighting Company. The society offers loans and advances of tenors that are repayable within a period of 1 month up to 60 months or what is determined by the BOD. It offer loans such as; development loans that are either normal or super, emergency loan, school fees loan, fosa flex loan, fosa advance, bridging finance, discounting, fahari loan, insurance premium finance loan, salary advance, omega loan, omega advance, supersosa, mpawa loan, makeover loan and biashara loan.

2. Harambee Sacco Society

It has two key departments: BOSA-Back Office Sacco Activities, it is designed within the cooperative movement framework and FOSA-Front Office Savings Activities, operates like a commercial bank. FOSA has the following loan products; FOSA personal loan, salary in advance, finje chap chap, jisort advance and jibambe asset loan. BOSA has the following loan facilities to offer; development loan, emergency loan, school/college fee loan and loan refinancing.

3. United Nations Sacco Society

It is designed to assist their members be able to meet emergency financial obligations as their loans are processed within 24 hours. It offers the following loan products; normal loan, premium loan, education loan, emergency loan, reviewed secured asset loan, instant loan, retirees loan, motor vehicle loan, FOSA loan, settling down loan, insurance premium financing and festive season loan.

4. Bankers Sacco Society

The Sacco was registered in the year 1975 and at first it served the employees in the banking industry. It offers loans to its members at affordable rates. Its loan products include; development loans, super loans, micro loans, express loans, education loans, m-loans and smart life loan.

5. Kenya Police Sacco Society

It was registered in the year 1972. Its mission is facilitation of mobilizing savings and provision of cost effective products and services to its members. Its BOSA loans include; super loan, normal loan, refinancing loan, emergency loan, school fees loan, asset financing loan, Muslim loan and Muslim emergency loan.

6. United Women Sacco

It was registered in the year 2001. The Sacco is designed professional and business women with desire of improving their businesses or build assets. It offers the following types of loans; normal loans, school fees loans, emergency loans, no questions asked loans, business development loans, asset loans, personal vehicle loan and tangible asset loans.

7. Kenya Medical Association Sacco

The loan products of KMA Sacco are tailored for you as a medic it offers the following types of loans under the general loans; intern loan, overdraft, development loan, swift development loan, instant loan, asset financing, equity release, insurance loan, emergency loan and elimu plus.

8. Hazina Sacco Society

It offers a wide range of tailor made BOSA products and services such as; normal loan, top-up loan, normal loan after cash payment, emergency loans, medical outpatient loan, school fees and college fees and special loan.

9. Mentor Sacco Society

Established in 1977 as Murang’a Teachers Savings and Credit Society Limited to serve the teachers of Murang’a District. It has the following loan products; salary advance, salary in advance, fosa pride, jambo fosa, jijenge loan, normal loan plus, normal development loan, school fees loan, scholar loan, fosa imara, instant loan, special emergency loan and education fund scheme.

10. Mwalimu National Sacco

Seeks to enable and serve teachers. Their loans products are as follows; BOSA loans – wezesha loan, emergency loans, school fees loans, normal loans, development loans, super loans and vision 84.